Energy Central Professional

 

Green hydrogen producer Lhyfe pockets EUR 110m in Paris IPO


SeeNews Renewables  

 

    May 24 (Renewables Now) - France’s Lhyfe has raised EUR 110 million (USD 117.3m) in its initial public offering (IPO) on Euronext Paris in a deal that will support its growth strategy and pave the way for becoming a European leader in onshore green hydrogen production with 3 GW of installed capacity by 2030.

    The Nantes-based company has issued a total of 12.6 million new ordinary shares at a price of EUR 8.75 apiece, translating into a market capitalisation of EUR 411 million, it announced on Friday.

    The transaction involved 11 million shares issued as part of a global placement, excluding over-allotments, and an over-allotment option for up to 1.6 million shares.

    Should the over-allotment option be exercised in full, this would lift the total amount of the IPO to EUR 124 million. The option can be used by June 17, 2022.

    Portugal’s EDP Renovaveis SA was the largest cornerstone investor in the transaction, subscribing for EUR 25 million, while investment managers CDC Croissance and Amundsen Investment Management have committed EUR 14 million in total. Mitsui & Co Ltd. (TYO:8031) also participated in the deal.

    Investment bank Bryan Garnier acted as global coordinator and joint bookrunner.

    Lhyfe, which last year commissioned its first industrial site for green hydrogen production with a capacity of 2.5 MW, intends to use the fresh funds to raise its total installed capacity to 55 MW by the end of 2024 so as to reach 200 MW by end-2026 and pass the 3 GW-mark by the end of the decade. The company says it currently has a commercial pipeline of 93 projects with a total capacity of over 4.8 GW.

    (EUR 1.0 = USD 1.07)

TOP


Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.